Show:
Classifications
Concepts
Journalizing
Posting
Cash Controls
100
Anything of value owned by a business.
What is an Asset?
100
This concept is applied when a business's financial information is recorded and reported separately from the owner's personal financial information.
What is Business Entity?
100
Recording transactions in a journal.
What is Journalizing?
100
A list of account titles and numbers showing the location of each account in a ledger.
What is a Chart of Accounts?
100
A bank account from which payments can be ordered by a depositor.
What is a Checking Account?
200
Any amount owed by a business.
What is a Liability?
200
This concept is applied when business transactions are stated in numbers that have common values, such as the dollar.
What is Unit of Measurement?
200
A form used for recording transactions in chronological order.
What is a Journal?
200
A group of accounts.
What is a Ledger?
200
A signature or stamp on the back of a check transferring ownership.
What is an Endorsement?
300
The amount remaining after the value of all liabilities is subtracted from the value of all the assets.
What is Owner's Equity?
300
This concept is applied when revenue is recorded at the time goods or services are sold.
What is Realization of Revenue?
300
An amount column headed with an account title.
What is a Special Amount Column?
300
Arranging accounts in a general ledger, assigning account numbers, and keeping records current.
What is File Maintenance?
300
A form provided by the bank to verify that information on a bank statement and a checkbook are in agreement.
What is a Bank Reconciliation Form?
400
An increase in the owner's equity resulting from the operation of a business.
What is Revenue?
400
This concept is applied when a source document is prepared for each transaction.
What is Objective Evidence?
400
An amount column that is not headed with an account title.
What is a General Amount Column?
400
Transferring information from a journal entry to a ledger account.
What is Posting?
400
A small amount of cash kept on hand and used for making small payments.
What is Petty Cash?
500
A decrease in owner's equity resulting from the operation of a business.
What is an Expense?
500
The concept of having at least two or more accounts being affected by every transaction represented by a debit and a credit.
What is Double Entry Accounting?
500
A business paper from which information is obtained for a journal entry.
What is a Source Document?
500
An additional journal entry needed to fix a mistake.
What is a Correcting Entry?
500
The account that is credited when replenishing petty cash.
What is the Cash Account?